Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights February 2020 Year 2020 This

Validity of reopening of assessment - the mere disclosure of the ...

Income Tax

February 25, 2020

Validity of reopening of assessment - the mere disclosure of the identity of the investor (as being holding company of assessee) in the return of income and the audited financial statements of the assessee as the source of share application money received, is not sufficient to constitute “disclosure” under the proviso to section 147. - HC

View Source

 


 

You may also like:

  1. Reopening of assessment u/s 147 - The duty is cast upon the assessee to make true and full disclosure of the facts at the time of original assessment. The duty of the...

  2. Validity of reopening of assessment u/s 147 - Search of another person - There has been no action on assessee under section 132 or requisition is made under section 132A...

  3. Reopening of assessment u/s 147 - AO while making the regular assessment did not undertake the scrutiny that he should have undertaken in respect of the investment into...

  4. Information denied under RTI Act - Mere apprehension that a third party has declared income, which is lower than the true income, cannot justify disclosure of Income Tax...

  5. Addition on account of un-explained loan - assessee discharged its initial onus to prove the identity of the investor company, its creditworthiness and genuineness of...

  6. Unexplained share capital/share premium - proof of genuine investors - the assessee has been able to prove identity of the share applicants, their creditworthiness and...

  7. Reopening of assessment u/s 147 - The two situations are distinct and different. Thus, where the transaction itself on the basis of the subsequent information, is found...

  8. Reopening of assessment - mere disclosure of transaction at the time of original assessment proceedings cannot be said to be a disclosure of the “true” and “full” facts...

  9. Reopening of assessment u/s 147 - return processed u/s 143(1) - Addition u/s 68 - Mere disclosure of receipt of unsecured loans would not be sufficient to avoid...

  10. Validity of Reopening of assessment u/s 147 - The entire basis for reopening the assessment is on the premise that there was a cash transaction of a huge amount, and...

 

Quick Updates:Latest Updates